Provocative title from Randall Randal Forsyth’s
Barron’s column this week. It’s a fascinating and lengthy look at current market conditions and investor psychology.
Brief excerpt:
“’Most investors also seem to view the stock market as a force of nature itself. They do not fully realize that they themselves, as a group, determine the level of the market,” Nobel laureate Robert Shiller wrote in his now-classic book Irrational Exuberance. “In short, the price level is driven to a certain extent by a self-fulfilling prophecy, based on similar hunches held by a vast cross-section of large and small investors and reinforced by news media that are often content to ratify this investor-induced conventional wisdom.” https://www.barrons.com/articles/robinhood-ipo-sign-stock-market-peaked-51625244300
